New Delhi, May 9: India received over $111 billion in remittances in 2022, the largest in the world, becoming the first country to reach and even surpass the $100 billion mark, the United Nations migration agency has said.
The International Organisation for Migration (IOM), in its World Migration Report 2024 launched Tuesday, said that in 2022, India, Mexico, China, the Philippines and France were the top five remittance recipient countries.
“India was well above the rest, receiving more than USD 111 billion, the first country to reach and even surpass the USD 100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India,” the report said.
According to the report’s data, India was the top country receiving remittances in 2010 (USD 53.48 billion), 2015 (USS 68.91 billion), and 2020 (USD 83.15 billion), with the remittances crossing the USD 100 billion mark to reach USD 111.22 billion in 2022.
It noted that with a very large number of migrant workers from the subregion, Southern Asia receives some of the largest inflows of remittances globally.
Three countries in Southern Asia – India, Pakistan and Bangladesh, rank among the top ten recipients of international remittances in the world, underscoring the significance of labour migration from the subregion.
“With India estimated to have received more than USD 111 billion in 2022, it is by far the largest recipient of international remittances in the world and the first country to ever reach that figure,” the report said.
and eighth largest international remittance recipients in 2022, receiving nearly USD 30 billion and USD 21.5 billion respectively.
The report however noted that while remittances remain a lifeline for many people in the subregion, migrant workers from these countries continue to face a myriad of risks, including financial exploitation, excessive financial debt due to migration costs, xenophobia and workplace abuses.